Globally, real estate firms could rack up $2.5trn of additional costs in the future unless they accelerate action to decarbonise buildings and to boost climate adaptation and resilience this decade.
Image: Shutterstock
The Norwegian Government is appointing a new expert group to examine how climate change, climate policy and the green transition may affect the country’s sovereign wealth fund.
The group will assess the importance of financial climate risk and climate-related investment opportunities for the $1 trillion (£0.72tn) Government Pension Fund Global (GPFG) under different scenarios.
The Ministry of Finance is concerned how climate change and policies could affect the management, risk and returns of the Fund, therefore, a report from the expert group will provide alternative approaches to addressing these issues and discuss whether new, climate-related knowledge is important to underpin the Fund’s investment strategy.
By Rachel Fixsen2021-02-05T16:36:00+00:00
The Norwegian government said it has appointed a panel of experts to look into financial climate risk and climate-related investment opportunities in relation to the country’s NOK11trn (€1trn) sovereign wealth fund.
The group is to be led by Martin Skancke, who chairs the PRI board and also sits on the board of the Task Force on Climate-related Financial Disclosure (TCFD) as well as that of Norwegian financial group Storebrand, according to the announcement released yesterday.
Minister of Finance Jan Tore Sanner said: “We need more knowledge about how the transition to a low-emission society could affect the pension fund’s exposure to climate risk and climate-related investment opportunities.”
February 3, 2021
Trees are seen by the private sector as an attractive and accessible offset, easy to measure, easy to invest in and easy to promote. Photo by Jacob Lund on Shutterstock.
If 2020 taught us anything, it was that plans can be derailed in an instant, priorities change overnight and what we consider to be pressing challenges one day can become low-priority issues the next. In 2020 all sectors business, government and NGO saw their best laid plans unravel or become irrelevant in the global chaos of the pandemic.
As we look to 2021, it might be foolish to make predictions since the world is still an uncertain place. But five key issues taking center stage in 2021 give cause for modest hope and provide signals for businesses looking to advance biodiversity protection and ecosystem restoration in the new year.